Gold

December/February

(GCZ24) (GCG25) 
The charts below are key to this analysis.

The reason we mention this is because of the ONE44 61.8% rule.

This is the short version,

Whenever the market holds 61.8% of a move, look for it to go 61.8% of where it just came from. This usually happens when a market is directionless, or in a consolidation period.

 In our 11/16/24 update we said, getting back above the longer term 23.6% level at 2602.00, can send this market on a quick run higher and the short term target was 61.8% at 2706.50, this was also a major Gann square. This was hit on 11/22/24 and we then said getting right back below 61.8% at 2706.50 the target is 61.8% the other way at 2610.00 based on the ONE44 61.8% rule. 

Here is what to look for now.

GCZ24

It is now trading the February contract, but just wanted to review last week's analysis.

From last week,

On Monday it got right back above the long term 23.6% level of 2602.00 and this definitely sent it on a good run. It blew through the tight resistance at 2639.40 and hit the short term target of 61.8% at 2706.50, this was also a major Gann square, it did close above it and this makes it a key level for next week.

Use 2706.50 as the swing point for the week.

Below it, with 2706.50 being 61.8% the target is 61.8% the other way at 2610.00 based on the ONE44 61.8% rule. Any setback....

It did get right back below the 61.8% level at 2706.50 and quickly hit the 61.8% target of 2610.00 ( low for the week was 2605.30) this now sets up a target of 61.8% the other way again.

GCG25

February also went from 61.8% (2727.00) to 61.8% at 2636.00 and this sets up a 61.8% target the other way.
 

Use 2636.00 as the swing point for the week.

Above it, the short term target is 61.8% at 2702.00. The long term target is 78.6% back to the ATH at 2775.00.

Below it, the short term target is 78.6% of the 11/14/24 low and 11/25/24 high at 2603.00. The long term target is the long term swing point at 2488.40, this is 38.2% back to the October 2022 low and a major Gann square.

We have done 44 videos on how to use the Fibonacci retracements with the ONE44 rules and guidelines. These Videos are worth watching even if it is not in the market you are trading, as the ONE44 rules and guidelines are the same for every market. You will also see why we believe the Fibonacci retracements are the underlying structure of ALL markets.

Here is the latest.

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Our goal is to not only give you actionable information, but to help you understand why we think this is happening based on pure price analysis with Fibonacci retracements, that we believe are the underlying structure of all markets and Gann squares.

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